Issues
Provides the basis for the finding. This will usually be either policy or regulatory references.
Authoritative Guidance
The document that provides the basis for our sampling selections
IAS Sampling Methodology
The significance of a negative effect if a risk occurs
Impact Risk Level
The reason for the test
Purpose statement
John Folliard
UNC
These are the details of the finding which always begin with defining the sample and total population.
Testing Results
Two most common sampling techniques currently used by IAS
Random & Judgmental
The probability of the occurrence of a risk
Likelihood Rating
Description of the whole dataset or source being tested
Population Details
Le'Donna Pegues
NC State
Overall rating of the identified Issue, derived from four impact categories and consideration of the risk rating from the RCM.
Deficiency Level
The title of the approver that can deviate from Sampling Methodology
IAS SVP
Assists in meeting the control objective, but is insufficient to provide reasonable assurance on its own.
Non-Key Control
Document received from auditee relevant to work step
Source Document / DRL Item
Holly Suttles
Campbell
Areas of improvement that may help management enhance operational efficiency, reduce process and documentation errors or exceptions, and strengthen the function’s internal control environment.
Observations
The percentage of original sample needed if using expanded sampling.
50%
Designed to encourage positive behavior and actions
Directive Control
Summary of the testing results
Attribute Testing Results
Brandon McIntosh
NC Wesleyan
Focuses on the potential or actual damage to the credit union’s reputation resulting from an issue or event.
Reputation Impact
Sampling should be comprised of these three elements to ensure effective testing results.
Sufficient, Reliable, Relevant
Four elements of a control statement
Frequency, Performer, Control Activity, and Control Objective
The five testing methods used by IAS
Inquiry, Observation, Inspection, Reperformance, CAAT
Ron Sellers
NC A&T